MLLGF - Mullen Group secures $125M credit facility

2024-01-08 06:17:09 ET

• Mullen Group ( TSX: MTL:CA ) has entered into a new $125M credit agreement with PNC Bank Canada Branch, bringing total borrowing capacity to $375M.
• The aggregate unsecured revolving demand credit facility of $375M consist of $125M from PNC Credit Facility, a $100M from Canadian Imperial Bank of Commerce, and a $150M credit facility with Royal Bank of Canada.
• As at December 31, 2023, the company had $73.0 million drawn on the CIBC Credit Facility and the RBC Credit Facility, a decrease of $41.2 million from the $114.2 million drawn at September 30, 2023.
• Interest on the Bank Credit Facilities are based on either the Canadian bank prime rate plus 0.50 percent or U.S. bank base rate plus 0.50 percent, in each case payable monthly in arrears or banker's acceptance rates plus an acceptance fee of 1.50 percent payable upon acceptance.
• Source: Press Release

For further details see: